What does your statement say? Don't get too excited. The value of the benefit plan is not much.

Click to expand...

Well the amount on it is different than the amount in my 401(k), but the information is very basic. Shows my pay, plus my pay credit percentage, plus my PAF balance for the end of each year I had been an employee. Then it says if I leave UPS before I retire the PAF balance is the amount I can take with me. The value of the plan is quite a bit when you find out you are getting an additional 5% in retirement that you didn't know you had. It basically doubled the the value of my retirement account...hahaha.

Well the amount on it is different than the amount in my 401(k), but the information is very basic. Shows my pay, plus my pay credit percentage, plus my PAF balance for the end of each year I had been an employee. Then it says if I leave UPS before I retire the PAF balance is the amount I can take with me. The value of the plan is quite a bit when you find out you are getting an additional 5% in retirement that you didn't know you had. It basically doubled the the value of my retirement account...hahaha.

The best person to go to for an answer is your HR manager. Don't go to a supervisor. Get your answer directly from a manager. If you just started in 2008, you could be in for many changes down the road. Those who are in particular plans now may be grandfathered and folks who are younger and relatively new will be experiencing the change. You should consider managing your own retirement fund and hope the rest is an extra benefit when you retire. For example, I never have counted on Social Security to live. If I get it great, if not, it won't change the way I do things right now.

Another example - I was grandfathered in when I retired. There were 5 different formulas that would fit my benefit package and I get the one that paid the highest pension. My HR manager had to study up (to explain it) on the one that fit me because only one other person fit that scenario. You will not know your exact number until you are real close to retiring.